Selling a motorcycle is similar in many ways to selling other vehicles. However, countless individuals have never sold a vehicle, so they are unfamiliar with the process. Certain steps should be taken to bring in the highest price for a bike. The following tips are helpful to new and experienced sellers.
Research Used Bike Values
Sellers need to research to understand how much their bikes are worth. You want top dollar if you sell your motorcycle. However, overpricing the bike could turn away potential buyers. Gather the motorcycle’s basic information and plug it into an online resource, such as Cycle Trader Motorcycle Valuations, to determine a fair asking price.
Inspect the Bike
Before listing the bike for sale, thoroughly inspect it to learn about any potential problems that could impact the sale. Determine whether to fix these issues before listing the machine. If the bike will be sold in its current condition, let potential buyers know about these issues. Honesty and transparency can help seal the deal, even if the motorcycle is in less-than-perfect condition.
Prepare to Negotiate
Many buyers will try negotiating a lower price, and sellers must be prepared. When setting the initial asking price, build in a cushion for negotiations. Set a minimum price you will accept and price the bike slightly above this amount. However, don’t set the initial asking price too high, or many people won’t take the time to learn more about the bike or to try and negotiate a lower amount.
Watch for Aggressive Buyers
Aggressive buyers will try to reduce the price significantly, so sellers must keep their minimum price in mind when dealing with these individuals. The inspection is helpful at this time because it allows the seller to know which issues are serious and which are easily overlooked by most buyers. An aggressive buyer will use intimidation tactics to bring the price down, so the seller must be prepared to defend the asking price and remain firm.
Don’t Hesitate to Walk Away
Negotiations can be the most challenging part of the selling process. Buyers who actively engage in negotiations are interested in owning the bike, and sellers must remember this and be willing to negotiate. However, either party can always walk away if a deal cannot be reached.
Sellers need to consider the level of interest in the bike. If it has been up for sale for weeks with only one or two people showing interest, bringing the price down may be wise. If people are lined up to come to see the bike, however, the seller can stand firm on the asking price, knowing that if one potential buyer chooses to walk away, there will be others who may be willing to pay this price.
Set a Final Price
Sellers need a firm final price to know when to end negotiations. As negotiations progress, let the buyer know when this final price has been reached. Share with them that you will not go any lower so they can either agree to that price or walk away. Don’t waste their time or yours if there is little chance of both parties agreeing on the price.
Selling a motorcycle can be difficult. Many people don’t have the time to carry out these steps or aren’t comfortable negotiating the price. These tips make the process easier, but there is another option sellers may consider: selling the motorcycle to an established dealer and walking away from the bike. While this option may not command the highest price, the satisfaction of knowing the transaction has been completed successfully with little hassle is enough for many owners to choose this option today.
